# Mr. Kedar Parshuram Mulye, RP of SAB Events & Governance Now Media Limited vs. SRI ADHIKARI BROTHERS DIGITAL NETWORK LIMITED

> NCLT judgment dated 2026-07-10. Citation: TCN-2026-NCLT-00605. The application was filed by Mr. Kedar Parshuram Mulye, Resolution Professional of SAB Events &…

- **Court:** NCLT
- **Order date:** 10 Jul 2026
- **Citation:** TCN-2026-NCLT-00605
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/mr-kedar-parshuram-mulye-rp-of-sab-events-governance-now-media-limited-vs-sri-ad-hihwi

## Summary

### Background

The application was filed by Mr. Kedar Parshuram Mulye, Resolution Professional of SAB Events & Governance Now Media Limited (Corporate Debtor), under Section 54K of the Insolvency and Bankruptcy Code, 2016, read with Regulation 49 of the IBBI (Pre-Packaged Insolvency Resolution Process) Regulations, 2021, for approval of a Resolution Plan. The Corporate Debtor, an MSME engaged in digital media and MICE services, faced severe financial distress due to prolonged revenue decline, exacerbated by the COVID-19 pandemic, leading to a liquidity crunch and current liabilities significantly exceeding current assets. The Board of Directors initiated the Pre-Packaged Insolvency Resolution Process (PPIRP) on 14.08.2025, and the Adjudicating Authority admitted the application

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## Facts

Mr. Kedar Parshuram Mulye, Resolution Professional of SAB Events & Governance Now Media Limited (Corporate Debtor), filed an application under Section 54K of the IBC for approval of a Resolution Plan.

The Corporate Debtor, SAB Events & Governance Now Media Limited, is an MSME incorporated under the Companies Act, 1956, engaged in digital media, websites, and MICE services.

The Corporate Debtor experienced financial distress due to prolonged revenue decline, the COVID-19 pandemic, a shift to digital content, substantial receivables, and constant fixed overheads, leading to current liabilities exceeding current assets by 4.70 times as of 31.03.2025.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Kedar Parshuram Mulye, Resolution Professional of SAB …

**Ratio:** The Resolution Plan, having been approved by 100% of the Committee of Creditors and

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**Reasoning:** The Committee of Creditors, comprising the sole Financial Creditor Saturn Fund, approved

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**Interpretation:** Section 54L of the IBC empowers the Adjudicating Authority to approve a

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**Application:** The NCLT applied Section 54L of the IBC and Regulation 49 of the PPIRP

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## Parties

- **Judges:** Prabhat Kumar…; Sushil Mahadeorao…
- **Appellants:** Kedar Parshuram…; M/s. Sri Adhikari…; +1 more
- **Respondents:** SAB Events &…; ADHIKARI BROTHERS…
- **Other parties:** Committee of…; Kailasnath…; +2 more
- **Advocates:** Shadab…; Umang M…; +3 more

## Timeline

- **2025-08-14 — Board of Directors…**: The Board of Directors of the Corporate Applicant approved the initiation of the…
- **2025-11-04 — PPIRP Admissi…**: The Adjudicating Authority, vide order in CP (IBPP) No. 1 (MB) 2025, admitted the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54K(12) — Consideration and approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54k)

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